Harbor shopping Cincinnati tower

Real Estate Alert, Feb 18, 2004

Harbor Group International is marketing a high-end office tower in Cincinnati that is worth more than $60 million.

The 497,000-square-foot PNC Center is more than 90% occupied, with rents around $15/sf. PNC Bank leases 224,000 sf, while law firm Frost Brown Todd occupies 122,000 sf. The other tenants include KPMG, Robert Half International, CB Richard Ellis and New York Life.

The 27-story building was completed in 1979. Harbor, a Norfolk, Va., investment firm backed by Israeli capital, bought it two years ago for $52.3 million, or $105/sf The seller was a Dutch pension fund advised by UBS Realty Advisors.

Harbor has not set an asking price, but local players expect the property to fetch about $120/sf.

The property, which has a marble exterior, sits at a prime location, at 201 East Fifth Street, at the corner of Main Street.

Colliers Turley Martin Tucker has the listing. For more information, call Jim O'Connell at 513-763-3042.